鸡肉产品

Search documents
仙坛股份(002746):鸡肉销量稳健增长,盈利逆势高增
HTSC· 2025-08-26 09:17
证券研究报告 仙坛股份 (002746 CH) 鸡肉销量稳健增长,盈利逆势高增 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 26 日│中国内地 | 农林牧渔 | 目标价(人民币): | 7.70 | 仙坛股份发布半年报,2025 年 H1 实现营收 25.40 亿元(yoy+5.24%), 归母净利 1.37 亿元(yoy+344.55%),扣非净利 1.24 亿元(yoy+1041.13%)。 其中 Q2 实现营收 14.32 亿元(yoy+7.20%,qoq+29.23%),归母净利 8871.04 万元(yoy+273.76%,qoq+84.72%)。符合业绩预告预期。25H1 鸡肉价格延续承压,但公司销量增长叠加成本优势带动业绩仍录得亮眼表 现。白鸡产业链亏损扩散可能带动产能去化继而催化价格反转,看好公司产 能持续释放驱动的销量稳定增长、以及完全成本优势,维持"买入"评级。 鸡肉产品主业稳健增长,调理品持续放量 25H1 主产区鸡肉产品持续承压,Q1、Q2 主产区 ...
圣农发展:行业低迷逆势增长 H1净利同比增长近8倍
Xin Lang Cai Jing· 2025-08-17 11:25
Core Viewpoint - The poultry industry, particularly the white feather chicken sector, is experiencing a downturn, yet the leading company, Shennong Development, has managed to achieve significant growth in its performance through cost control and acquisitions [1][2]. Financial Performance - In the first half of 2025, Shennong Development reported revenue of approximately 8.856 billion yuan, a year-on-year increase of 0.22% [1]. - The net profit attributable to shareholders reached about 910 million yuan, reflecting a substantial year-on-year growth of 791.93% [1]. - The company's net profit after deducting non-recurring items was approximately 376 million yuan, an increase of 305.44% compared to the previous year [1]. - The company's chicken product revenue was around 4.674 billion yuan, down 8.17% year-on-year, but the cost of goods sold decreased by 10.43%, leading to a gross margin increase of 2.37 percentage points to 6.34% [2]. Cost Control and Efficiency - Shennong Development achieved a reduction of over 10% in comprehensive meat production costs compared to the same period last year, attributed to improved performance of its proprietary breed "901+" and enhanced internal usage [1]. - The company has been implementing refined management practices, resulting in increased production efficiency across various stages [1]. Market Dynamics - The white feather chicken industry faced significant challenges in the first half of 2025, with a reported 20% decrease in the speed of slaughterhouse shipments, leading to excess inventory [2]. - To stimulate sales, slaughterhouses have been lowering prices to clear stock, with the average price of white feather chicken products continuing to decline [3]. Sales Growth and Future Outlook - In July 2025, Shennong Development achieved sales revenue of 2.129 billion yuan, a year-on-year increase of 22.02% and a month-on-month increase of 26.21% [4]. - The C-end retail channel saw revenue growth of over 30%, while export channel revenue reached a historical high with a year-on-year growth exceeding 100% [4]. - The company has fully replaced its previous breed with the new self-developed "Shenze 901Plus," further solidifying its cost advantages [4].
圣农发展:上半年净利润9.1亿元,同比增长791.93%
Sou Hu Cai Jing· 2025-08-17 09:03
8月17日,圣农发展公告称,公司年上半年实现营业收入88.56亿元,同比增长0.22%;实现归属于上市 公司股东的净利润9.10亿元,同比增长791.93%。公司计划不派发现金红利,不送红股,不以公积金转 增股本。 报告期内,公司成本端优势进一步巩固,2025年上半年综合造肉成本较去年同期下降超10%。成本下降 原因主要系公司自有种源"901+"性能提升以及内部使用占比逐步提升,同时公司持续推行精细化管理, 各环节生产效率不断提升。 报告期内,公司完成对太阳谷的控股合并,通过前期的产业赋能与精益化管理导入,太阳谷自身经营效 率获显著提升,已为上市公司带来可观收益。本次合并后,公司将充分发挥种源自主可控与全产业链布 局的协同优势,加速对太阳谷的深度整合与技术、管理赋能,进一步挖掘其盈利潜力,为上市公司未来 业绩持续增长注入新动能。 公司公告称,报告期内,公司坚定推进全渠道策略,凭借卓越的产品力与优质服务,逆势扩大市场份 额。其中,C端零售渠道同比增长超30%,出口及餐饮渠道各板块亦实现较快增长。随着高价值渠道占 比的稳步提升,公司收入结构持续优化,为整体盈利的增长提供了更强支撑。 ...
8月8日重要公告集锦:赛力斯7月份新能源汽车销量同比增长5.7%
Zheng Quan Ri Bao Zhi Sheng· 2025-08-07 13:33
Group 1: Company Announcements - Tengjing Technology announced the termination of the plan to acquire 100% of Shenzhen Xunke Communication Technology Co., Ltd. due to changes in market conditions and difficulties in reaching an agreement among parties involved [1] - Tongyuan Environment won a joint bid for the design and construction of a comprehensive waste management project in Salting County, with a total bid amount of 154 million yuan, and the company's expected share is 123 million yuan [1] - Huakang Co. plans to transfer 9.8809 million shares of Ningbo Traditional Chinese Medicine through the National SME Share Transfer System, with a total transfer price of 24.8998 million yuan [1] - Silyus reported a 5.7% year-on-year increase in new energy vehicle sales in July, totaling 44,581 units, while cumulative sales for the year decreased by 10.87% to 216,700 units [2] - Yabang Co. intends to publicly transfer 100% of its stake in Lianyungang Yaren Housing Leasing Co., Ltd. with a starting price of 71.8769 million yuan [3] - Geer Software plans to raise no more than 283 million yuan through a private placement to fund projects related to quantum-resistant password technology and data space platform development [4] Group 2: Sales and Revenue - Xiantan Co. achieved chicken product sales revenue of 511 million yuan in July, with sales volume of 59,600 tons, representing year-on-year changes of 18.19% and 24.92% respectively [5] - Lichong Group's subsidiaries received project confirmations from two clients, with expected total sales of approximately 1.643 billion yuan, including 833 million yuan from a forged aluminum wheel project and 810 million yuan from a low-pressure cast aluminum wheel project [5] - GCL Integration's subsidiary signed a framework contract with Zhongneng Silicon Industry for the procurement of silicon materials, with a total expected procurement amount of no more than 450 million yuan [6] - Tongfu Microelectronics' major shareholder, the National Integrated Circuit Industry Investment Fund, reduced its stake by 13.1424 million shares, decreasing its holding from 7.77% to 6.91% [6] - Lihua Xing plans to raise no more than 168 million yuan through a private placement to support semiconductor equipment precision component development and working capital [6]
仙坛股份:7月实现鸡肉产品销售收入5.11亿元
Zheng Quan Shi Bao Wang· 2025-08-07 08:57
Core Viewpoint - Xiantan Co., Ltd. reported a significant increase in chicken product sales revenue and volume for July, indicating strong market performance and growth potential in the poultry industry [1] Financial Performance - In July, the company achieved chicken product sales revenue of 511 million yuan, representing a year-on-year increase of 18.19% [1] - The sales volume reached 59,600 tons, showing a year-on-year growth of 24.92% [1] - On a month-on-month basis, sales revenue increased by 12.41% and sales volume rose by 13.02% [1] Production Capacity and Development - The company is making steady progress in the research and development, brand building, and sales market for its first phase of the prepared food project [1] - The second phase of the project commenced production on July 17, 2024, with production capacity gradually being released [1] - As production and processing quantities increase, both sales volume and revenue are expected to rise correspondingly [1]
仙坛股份(002746.SZ):7月实现鸡肉产品销售收入5.11亿元
Ge Long Hui A P P· 2025-08-07 08:16
Core Viewpoint - Xiantan Co., Ltd. reported a significant increase in chicken product sales revenue and volume for the year ending July 2025, indicating strong growth in both the poultry farming and food processing sectors [1] Group 1: Company Performance - Xiantan Co., Ltd. achieved chicken product sales revenue of 511 million yuan and sales volume of 59,600 tons, representing year-on-year changes of 18.19% and 24.92%, respectively [1] - The poultry farming and processing sector generated chicken product sales revenue of 456.615 million yuan and sales volume of 55,200 tons, with year-on-year changes of 14.90% and 21.76% [1] - The food processing sector reported chicken product sales revenue of 54.344 million yuan and sales volume of 4,400 tons, showing substantial year-on-year increases of 55.56% and 85.17% [1] Group 2: Comparative Analysis - The year-on-year revenue growth in the poultry farming and processing sector was accompanied by quarter-on-quarter increases of 10.73% in revenue and 10.89% in volume [1] - The food processing sector also experienced quarter-on-quarter growth, with revenue increasing by 28.84% and volume by 48.78% [1]
华创农业6月白羽肉禽月报:毛鸡、鸡苗价格保持平稳,养殖端利润有所恢复-20250723
Huachuang Securities· 2025-07-23 04:10
Investment Rating - The industry investment rating is "Recommended" with an expectation that the industry index will exceed the benchmark index by more than 5% in the next 3-6 months [3][52]. Core Viewpoints - The report indicates that the prices of broilers and chicks have remained stable, with profits in the breeding sector showing some recovery. However, there are significant losses in the broiler farming and hatching sectors [1][43]. - The report emphasizes the importance of monitoring the recovery of poultry consumption in the context of economic recovery, as well as the impact of external factors such as avian influenza on supply chains [46]. Summary by Sections Industry Basic Data - The industry consists of 101 listed companies with a total market value of 1,395.44 billion and a circulating market value of 1,070.09 billion [3]. Price Trends - In June, the average price of broilers was 7.18 yuan/kg, down 0.07% year-on-year and down 3% month-on-month. The average price of chicken products was 8,687.5 yuan/ton, down 6% year-on-year and down 2% month-on-month [11][8]. - The average price of chicks in June was 2.29 yuan/chick, a decrease of 21% month-on-month and 4% year-on-year [8][11]. Production Capacity - As of June 2025, the average stock of parent stock was 23.17 million sets, an increase of 8.5% year-on-year but a decrease of 2.8% month-on-month. The average stock of backup parent stock was 15.57 million sets, down 1.9% year-on-year and up 3.8% month-on-month [34][27]. Sales Performance - In June, the sales revenue of Yisheng Co. for parent and commercial chicks was 1.29 billion, down 13.58% year-on-year and down 25.54% month-on-month. The sales volume was 0.61 billion, up 17.68% year-on-year but down 7.26% month-on-month [14]. - The sales revenue of Shengnong Development for chicken was 11.64 billion, up 4.30% year-on-year and up 1.04% month-on-month, with a sales volume of 12.32 million, up 3.18% year-on-year [14]. Investment Recommendations - The report suggests focusing on companies such as Shengnong Development, Yisheng Co., and Hefeng Co. due to their potential for profit improvement and valuation recovery in the context of expected consumption recovery [46].
仙坛股份:6月鸡肉产品销售收入4.55亿元
news flash· 2025-07-09 07:44
Group 1 - The company Xiantan Co., Ltd. (002746) reported chicken product sales revenue of 455 million yuan and sales volume of 52,800 tons for June 2025, with year-on-year changes of 5.52% and 9.99% respectively, and quarter-on-quarter changes of -3.03% and 0.62% respectively [1] - In the poultry farming and processing industry, chicken product sales revenue reached 412 million yuan and sales volume was 49,800 tons, with year-on-year changes of 3.62% and 9.03% respectively, and quarter-on-quarter changes of -2.43% and 0.88% respectively [1] - In the food processing industry, chicken product sales revenue was 42.18 million yuan with a sales volume of 3,000 tons, showing year-on-year changes of 28.62% and 29.19% respectively, and quarter-on-quarter changes of -8.47% and -3.54% respectively [1]
华创农业5月白羽肉禽月报:毛鸡、鸡苗价格保持平稳,养殖端利润有所恢复-20250618
Huachuang Securities· 2025-06-18 14:46
Investment Rating - The industry investment rating is "Recommended" with an expectation that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [3][48]. Core Viewpoints - The report indicates that the supply of white feather broilers is sufficient, while the demand side remains weak, impacting chicken product prices and industry profitability. The expectation is for a recovery in chicken consumption in 2025, driven by domestic demand expansion [6][42]. - The report highlights a cautious replenishment in the breeding sector, with a slight increase in the price of broiler chickens and stable prices for chicks. The average price of white feather chicks is 2.88 yuan per chick, with a month-on-month increase of 0.38% but a year-on-year decrease of 8% [8][11]. Summary by Sections Market Overview - In May, the price of broiler chickens slightly increased, while chick prices remained stable. The overall survival rate in breeding is low, leading to a contraction in effective market supply. Terminal consumption continues to be weak, keeping prices low [8][11]. - The average price of white feather broilers in May was 7.41 yuan/kg, down 4% year-on-year and 0.074% month-on-month [11]. Production Capacity - As of May 2025, the average stock of parent stock was 23.83 million sets, an increase of 7.4% year-on-year and 2.1% month-on-month. The average stock of backup parent stock was 15 million sets, down 2.4% year-on-year but up 1.5% month-on-month [29][36]. - The report notes that the average stock of grandparent stock was 1.48 million sets, up 20.9% year-on-year and 2.8% month-on-month [28][31]. Financial Performance - The report indicates that the profitability of the chick sector has improved, while the losses in broiler farming have significantly reduced. In May, the loss in broiler farming was 0.07 yuan per chicken, a substantial reduction compared to previous periods [36][37]. - The profitability of hatcheries was reported at 0.26 yuan per chick, showing a significant increase month-on-month [36][37]. Investment Recommendations - The report suggests focusing on companies such as Shengnong Development, Yisheng Shares, and Hefeng Shares, as they are expected to benefit from the anticipated recovery in chicken consumption and improvements in profitability [42].
仙坛股份:6月17日接受机构调研,德弘资本、华泰证券参与
Zheng Quan Zhi Xing· 2025-06-17 09:36
Core Viewpoint - The company, Xiantan Co., has demonstrated strong sales growth in chicken products and is actively expanding its pre-prepared food segment, supported by a comprehensive integrated supply chain and a commitment to sustainable development [2][4][5]. Sales Performance - In May 2025, the company reported chicken product sales revenue of 468.73 million yuan, with a year-on-year increase of 14.22% and a month-on-month increase of 4.93% [2]. - The sales revenue from pre-prepared food in May 2025 reached 46.09 million yuan, showing a significant year-on-year growth of 52.26% [4]. Integrated Supply Chain Advantages - The company operates an integrated business model covering all aspects from feed production to chicken processing, which enhances operational efficiency and reduces market volatility impacts [3]. - This integration allows for better quality control and food safety traceability, contributing to the company's competitive edge [3]. Future Capacity and Production - The company has completed the first phase of its project in Zhucheng, with 27 chicken farms in operation and plans for 12 more to be completed this year [6]. - By 2024, the projected output of broiler chickens from the Zhucheng project is 54.73 million, with a slaughter capacity of 250-270 million chickens and a processing capacity of 700,000 tons [6]. Cash Dividend Policy - The company completed a cash dividend distribution of approximately 215.13 million yuan for the 2024 fiscal year, representing 104.36% of the net profit attributable to shareholders [5]. - Since its listing in 2015, the company has distributed a total of 1.15 billion yuan in cash dividends, emphasizing a stable and continuous dividend policy [5]. R&D and Market Strategy - The company is focusing on developing diverse pre-prepared food products that cater to consumer demands for convenience and health, with plans to enhance product packaging and expand market presence [7][8]. - Collaborations with well-known restaurant brands and retailers are part of the strategy to increase brand influence and market share in the pre-prepared food sector [8]. Financial Performance - In Q1 2025, the company reported a main revenue of 1.11 billion yuan, a year-on-year increase of 2.81%, and a net profit of 48.02 million yuan, up 583.83% year-on-year [8]. - The company maintains a debt ratio of 38.81% and has shown significant growth in net profit and cash flow [8].